EUR/USD closed lower on Thursday and below the 50% retracement level of the 2008-2009-rally crossing. The low-range close sets the stage for a steady to lower opening on Friday.
Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this winter's decline, the 62% retracement level of the 2008-2009-rally crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
USD/JPY closed lower on Thursday and renewed the decline off January's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral with today's decline signalling that sideways to lower prices are possible near-term. If it extends today's decline, the 62% retracement level of the November-January rally crossing is the next downside target. Closes above Wednesday's high crossing would confirm that a long-term bottom has been posted.
GBP/USD closed lower on Thursday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off January's high, October's low crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
USD/CHF closed higher on Thursday and above the 38% retracement level of the 2008-2009-decline crossing. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off November's low, the 50% retracement level of the 2008-2009-decline crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a long-term high has been posted.
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